What do you need gauges for. Mount a good GPS to the inside of the faring, one that shows your speed and call it good.
Because the GPS satellite constellation can and does fail. Sometimes intentionally. GPS units typically don't include a tach. (ETA: If there is such an animal, someone post a link to it, please.)
I thought about removing them and getting a GPS or small electronic speedo
Get one of these
http://www.dakotadigital.com/index.cfm/page/ptype=product/product_id=510/category_id=518/mode=prod/prd510.htmI had an HLY-5000x on my VTX1800C. This unit does a whole lot more. Apart from a water temperature indicator you really don't need any other gauges on the bike.
Replace the stock Valkyrie handlebar clamp with a two-piece unit (such as a VT1100 uses; available in chrome) and mount the speedo in the center of the bars using Dakota's 1" bar mount. Next, remove the stock speedo drive cable and attach the speedo sender unit from an I/S to the gearbox then interface to the Dakota unit. They're 3-wire...+12v/GND/Output (5v pulsed). (Connection details can be found on Page 19-9 of the '97-01 GL1500 Valkyrie Service Manual.) Dakota's speedo models offer a calibration routine that sets them up for your bike's sender.
If I didn't have plans to mount the head unit of a Yaesu ham rig between my '99 Tourer's risers (replacing a gauge that's currently installed) I'd be tempted to swap its stock gauges for the unit I linked. Then add a matching clock on one side of the risers and a water temp gauge on the other.